SPX and INDU Updates

Last update noted:  

The most recent decline has been a little slow (relative to its position in the structure), so that does leave open the potential of the larger b-wave and bounce discussed on the chart. But it's not an assurance of such, because sometimes things like a "wave i of 3" can start a little slow.

Since then, SPX briefly broke down, but it didn't stick... which leaves open both potentials discussed on Monday (wave i of 3, with this bounce being ii of 3 -- or the larger b-wave, with this bounce being larger c):

It will also be interesting to see if INDU gets back to its long-term trend line and whether that serves as resistance if it does:

In conclusion, the two main options presented in the prior update both remain viable, for now, so we'll see which one the market chooses.  Trade safe.